Company Year End Accounts New Forest

Year Ends

Every business, be it a sole trader, partnership, LLP or company HAS to prepare some form of year end accounts

This needs to be once a year and on the same anniversary date each year thereafter

Lets look at what’s needed

Sole traders

Actually to keep it simple we only need to report your income (sales), cost of sales and the different overheads you have (purchases) with notes on fixed assets (such as vans, equipment, desks etc) you bought.

If you are VAT registered these numbers are before VAT; if you are not they are after VAT is charged.

A March year end keeps it very simple

Partnerships

Same as above really BUT we also suggest reconciling the bank, VAT, payroll (if any), customer and supplier ledgers so ALL partners know what’s going on. Remember ignorance of the numbers is no excuse if things go wrong.

Again a March year end keeps it all simple

Limited Company’s and LLP’s

Here its different as you legally have to prepare and submit accounts annually to both HMRC and Companies House. Tightly imposed deadlines mean fines for late filing. The accounts layout is also highly structured and the accounting rules very specific…. So you need us!

By completing year end accounts we not only ensure you meet UK reporting requirements, but that they also present the best credit scoring potential and provide a useful information and business tool.

If we provide bookkeeping or outsourcing services and hence are more involved in your management accounts, we will reduce the time we spend on the year end and therefore the cost, so it’s actually not that expensive.

To find out more about how we can help with your year-end needs, please contact us